Here is an example

[Wahbooz]

of a 'bankrupt retirement system'. Read it and weep. Retirement funds do not have to be bankrupt, despite what some politicians and their appointed lackeys have to say. Don't believe me? Follow the link below the quote.

As of September 30, 2010, the Defined Benefit plan covered 25,478 active customers and 50,462 retirees and beneficiaries. The 401(k) Defined Contribution plan covered 26,519 active customers and 6,340 non-active and retired customers.


The net assets of the Defined Benefit plan, valued at $9.1 billion as of September 30, 2010, are invested by the Michigan Department of Treasury, Bureau of Investments. In fiscal year 2010, the system paid Defined Benefit retirement pensions totaling $917.3 million.

http://www.michigan.gov/ors/0,1607,7-144-6183-109542--,00.html

 

[NightSwimmer]

I suppose the problem with the retirement fund is that it isn't "too big to fail" -- unlike Wall Street investment banks.

 

[Wahbooz]

I suppose the problem with the retirement fund is that it isn't "too big to fail" -- unlike Wall Street investment banks.

You hit the nail on the head, NS. This is ALEC at work, dumbing down the working class. Most of these people are too damn young to remember what people like my father went through, but they'll get a taste of it soon if certain factions get their way.